Bitcoin price is likely to see new lows below $10000

This occurred right after dipping low to the nine thousand four hundred dollars ($9,400) just as September began. Bitcoin (BTC) has thus been on the decline in a falling wedge pattern and is thought to repeat history.

Bitcoin price analysis: Short-term

The falling wedge starts in the short-term chart right after the instance Bitcoin price rose to the near- eleven thousand dollars ($11,000) mark.

The relative strength index (RSI) could use some push as it maps low lowers on the chart for the last ten (10) days.

Bitcoin price is not bearish because the price hasn’t seen an abrupt downfall and neither have the volumes decreased, in fact, compared to August, the volumes have been increasing. While the volume levels are good, the spikes indicate selling as the best option currently available on the table.

A build-up of buying pressure is just what is needed if Bitcoin price is to push past the ten thousand five hundred dollars ($10,500) break-out point.

The crossover of the two hundred (200) exponential moving average (EMA) and the fifty (50) simple moving average (SMA) gives more proof of a declining trend ensuing within the falling wedge.

Bitcoin price analysis: Medium-term

The BTC/USD pair finds itself in the asymmetrical triangle pattern that kicked off due to abnormal volume behavior shown by BTC in June. Three higher highs and lower lows can be seen.

The earmarking values range from the low at nine thousand one hundred and fifty dollars ($9,150) to the high of thirteen thousand nine hundred dollars ($13,900). We have the 200 EMA acting as a strong support mark for Bitcoin prince if the range low doesn’t hold.

About The Author

Taha specialize in copywriting & translating texts about cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has successfully helped to write, translate, and localize the material related to cryptocurrencies and blockchain.